Proof that Evosport is thousands in debt and soliciting customers for generation of capital

Proof that Evosport is thousands in debt and soliciting customers for generation of capital

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Proof that Evosport is thousands in debt and soliciting customers for generation of capital

Most of you saw that Benzboost broke the story last week on Evosport's debt and failure to deliver parts to customers. We quoted this debt as in the hundreds of thousands but now have exact up to date figures that were released by Evosport themselves. Where and why would they reveal these figures? They revealed the details in documents seeking investment from a select, hand picked group of customers in order to get money they need flowing in.

Evosport has about $300,000 of debt with a quarter million of back orders that have not been fulfilled. They are cash strapped so they have hand picked a number of their customers to solicit for investment purposes. We have been able to get a hold of the proposal with all the details from more than one source. This investment group is being spearheaded by Jim Brady (James J. Brady of Ringler Associates) who is one of their customers. He is also a CLK63 Black Series owner and it is Black Series owners who are mostly being targeted for investment. Why Jim Brady is doing this for Evosport, we have no clue but will certainly try to find out.

The investment documents are all detailed below. They verify that what was written previously is accurate. We now know the investment amount each customer is being asked to produce is $100k minimum. The documents are dated April 2011 so this information is as up to date as possible. Additionally, we do not know if Jim Brady has already invested as numerous sources have given us varying figures on his own commitment. It could be that he has already committed funds and that they have not been enough to pull Evosport out so other sources are being tapped.

We feel this information is necessary to not only validate our investigative journalism, much of which was already confirmed by customers coming forward to say they had not received their parts as well as JRCART confirming his issues with Evosport, but also to warn potential investors and customers of the current situation. It is irresponsible to continue to collect money from customers who expect delivery of their parts when there are very real issues that affect if Evosport will even continue to be viable. Not to mention that Brad Otoupalik e-mailed BenzBoost with veiled threats about "slander" which this isn't, it is completely factual based on details Evosport has verified in its own documents sent out into the public. Attempting to silence this on MBworld and threaten us only caused more people to be willing to come forward in support of what BenzBoost had the courage to reveal. We will not be pushed around or intimidated by Evosport or anyone else for that matter for providing the community with the truth MBworld hides from them.

You can verify all the information in the documents below. You can also see the questionnaire that attempts to assess just how much money the potential investor has. Evosport's fiscal information is all detailed as well as debt and pending litigation involving a damage claim to a Lamborghini. We have also been told of liens which if it becomes necessary we will look into in much further detail. Evosport is apparently in damage control mode attempting to pay off what they can which we have not been able to verify but have received some anonymous tips stating so. Additionally, one tip stated that Bob Otoupolik's credit cards have been locked but we do not know if this is true. If anyone has any information to verify this tip, do not hesitate to contact us.

Absolutely, it is, just kind of awkward to be targeting certain customers with it and how they want to know just how many millions one is worth for what is a $100k investment. Just feels weird right? And for a customer to be the one who is doing it all on their behalf? Just all feels off.

Not really - they're standard SEC compliance questions to determine if an investor is accredited, or perhaps meets a higher qualified purchaser standard. This kind of stuff (100k unit size, accredited investor/QP) is extremely common for private placement investments. A limited number of non-accredited investors could participate, after which there are greater registration and disclosure requirements that need to be met. I'm more familiar with LPs than LLCs, but I assume the fundamentals are roughly equivalent.

Not really - they're standard SEC compliance questions to determine if an investor is accredited, or perhaps meets a higher qualified purchaser standard. This kind of stuff (100k unit size, accredited investor/QP) is extremely common for private placement investments. A limited number of non-accredited investors could participate, after which there are greater registration and disclosure requirements that need to be met. I'm more familiar with LPs than LLCs, but I assume the fundamentals are roughly equivalent.

I do not doubt anything you wrote.

I'm not saying the document feels off I'm saying the way they are going about targeting their own customers is. I mean they essentially are trying to get money from people they know have money who they have sold parts to in order to fix their own problems. They choose a handful of people and then Jim Brady contacts them to try to get them "in" on it.

Maybe it's common to do go about it like that? This whole thing just kind of stinks to me.

Well I havent been on MBW in a couple days&when I popped over there today it seems I have been banned. Now mind you,I was perma-banned a few yrs ago for fighting with jrcart&telling brad to go F uck himself. There are only 6ppl who new exactly what my second screen name name over there was and a few who assumed it was me...I always layed low&purposely did not engage in any heated debates in order not to draw attention to myself. Some punk ass $#@! ratted me out&Im pretty sure I know who it was...they also post here. Whoa,ya got me banned from MBW again lol!!!

The Evosport mess keeps getting bigger and bigger or should I say worse and worse. Apparently, there has been a number of people who had some of their PMs edited or deleted. I am trying to currently verify this and will let you guys know. I have always wondered why Evosport doesn't just go into those problem threads and defend themselves in a more in depth manner, such as, providing detailed explanations of their side of the story and giving concrete information on when they'll be able to resolve the issue instead of just replying with a one statement answer for each customer then locking the threads.

The Evosport mess keeps getting bigger and bigger or should I say worse and worse. Apparently, there has been a number of people who had some of their PMs edited or deleted. I am trying to currently verify this and will let you guys know. I have always wondered why Evosport doesn't just go into those problem threads and defend themselves in a more in depth manner, such as, providing detailed explanations of their side of the story and giving concrete information on when they'll be able to resolve the issue instead of just replying with a one statement answer for each customer then locking the threads.

PM's deleted and edited? Edited Pm's? WTF are they running over there?

I can't believe you would make a second account over there. You should be tarred and feathered.

The nerve of some people.

What as your second screen name, ClayJ? I knew it!

Originally Posted by oldgixxer

Well I havent been on MBW in a couple days&when I popped over there today it seems I have been banned. Now mind you,I was perma-banned a few yrs ago for fighting with jrcart&telling brad to go F uck himself. There are only 6ppl who new exactly what my second screen name name over there was and a few who assumed it was me...I always layed low&purposely did not engage in any heated debates in order not to draw attention to myself. Some punk ass $#@! ratted me out&Im pretty sure I know who it was...they also post here. Whoa,ya got me banned from MBW again lol!!!

Well I havent been on MBW in a couple days&when I popped over there today it seems I have been banned. Now mind you,I was perma-banned a few yrs ago for fighting with jrcart&telling brad to go F uck himself. There are only 6ppl who new exactly what my second screen name name over there was and a few who assumed it was me...I always layed low&purposely did not engage in any heated debates in order not to draw attention to myself. Some punk ass $#@! ratted me out&Im pretty sure I know who it was...they also post here. Whoa,ya got me banned from MBW again lol!!!

Sorry to hear that bud, bunch of BS.

What amazes me is the lengths to which they will go to try and keep public information out of people's hands. Do they really think no one is watching???

The Evosport mess keeps getting bigger and bigger or should I say worse and worse. Apparently, there has been a number of people who had some of their PMs edited or deleted. I am trying to currently verify this and will let you guys know. I have always wondered why Evosport doesn't just go into those problem threads and defend themselves in a more in depth manner, such as, providing detailed explanations of their side of the story and giving concrete information on when they'll be able to resolve the issue instead of just replying with a one statement answer for each customer then locking the threads.

Well I havent been on MBW in a couple days&when I popped over there today it seems I have been banned. Now mind you,I was perma-banned a few yrs ago for fighting with jrcart&telling brad to go F uck himself. There are only 6ppl who new exactly what my second screen name name over there was and a few who assumed it was me...I always layed low&purposely did not engage in any heated debates in order not to draw attention to myself. Some punk ass $#@! ratted me out&Im pretty sure I know who it was...they also post here. Whoa,ya got me banned from MBW again lol!!!

I had nothing to do with it at least purposly, I have no issues with you but when I suspected it was you I probably should have PMed you rather than say "is that you Rob" or whatever I said. FYI I figured it out becuae your screen name and trap speed and ET 118mph and 11.8 on the 63 record list. I'm smarter than people give me credit for. Sorry if my post lead to you ban, that was never my intention man.

That 63 record list and all time quickest MB list was the best part of MB World, we need a list like that over here.

Sweet....I guess I need to drag myself away from the evosport threads and explore the site a little further.

Don't forget to check out some of the off topic stuff too, I like the beer thread, porn stars, and big ass threads--awesome cars, beer, hot chicks wit big asses, yeah, I'd say this place has got everything

The Evosport mess keeps getting bigger and bigger or should I say worse and worse. Apparently, there has been a number of people who had some of their PMs edited or deleted. I am trying to currently verify this and will let you guys know. I have always wondered why Evosport doesn't just go into those problem threads and defend themselves in a more in depth manner, such as, providing detailed explanations of their side of the story and giving concrete information on when they'll be able to resolve the issue instead of just replying with a one statement answer for each customer then locking the threads.

I recently tried to purchase certain parts from them (before this whole mess started) ... and they specifically told me not to PM them but to email them ... I found this VERY suspicious, they would not answer any questions via PM ... so I can verify this is true.

GREAT JOB STICKY!!! ....

you have officially proved they have gone Ponzi Scheme ... now the legal evidence is building up at an astonishing rate ... I would be shocked if they don't disappear as a company by holiday season (if not by summer at this pace) ...

you have officially proved they have gone Ponzi Scheme ... now the legal evidence is building up at an astonishing rate ... I would be shocked if they don't disappear as a company by holiday season (if not by summer at this pace) ...
Last edited by Exeenom; Today at 11:31 PM.

Well thank you, our primary goal is to protect the enthusiast, not vendors. We prefer vendors who can stand on their own merit and have and will continue to reject vendors who abuse the community.

That said, I don't think Evosport is going to disappear. What this all really hinges on is the potential investors. Will they invest or won't they invest. If they do not, we are talking hundreds of thousands which Brad's father can cover if necessary or Simon's family even. Split between them, they can weather the storm. If Evosport stalls in paying (like they have with Powerchip) I do not understand why vendors continue to do business with them.

I just don't know how this much debt accumulated this rapidly in basically the first quarter of 2011. If this is what they disclose to investors who knows what the real numbers really look like. Plus, this disclosed debt does not factor in investors so it could potentially easily rise to well over a million which still isn't back breaking.

The part I don't like is the continued order backlog and knowingly using that money to fund other aspects. The evidence sure is mounting and it will be interesting to watch this play out. At least here we can talk about it and it is irresponsible to not allow members in the Mercedes community to do so. It just further shows that there is something to hide. IB should be ashamed of themselves.

Well thank you, our primary goal is to protect the enthusiast, not vendors. We prefer vendors who can stand on their own merit and have and will continue to reject vendors who abuse the community.

That said, I don't think Evosport is going to disappear. What this all really hinges on is the potential investors. Will they invest or won't they invest. If they do not, we are talking hundreds of thousands which Brad's father can cover if necessary or Simon's family even. Split between them, they can weather the storm. If Evosport stalls in paying (like they have with Powerchip) I do not understand why vendors continue to do business with them.

I just don't know how this much debt accumulated this rapidly in basically the first quarter of 2011. If this is what they disclose to investors who knows what the real numbers really look like. Plus, this disclosed debt does not factor in investors so it could potentially easily rise to well over a million which still isn't back breaking.

The part I don't like is the continued order backlog and knowingly using that money to fund other aspects. The evidence sure is mounting and it will be interesting to watch this play out. At least here we can talk about it and it is irresponsible to not allow members in the Mercedes community to do so. It just further shows that there is something to hide. IB should be ashamed of themselves.

Agreed with everything and especially the portion in bold, the numbers just don't make sense, I get the feeling things are worse than they appear on paper for Evosport in this scandal?

I think Sticky's next official investigation should be how far into the IB infrastructure Evosport has attached themselves.